Transportation
IDR/PCR
Healthcare/Hospital
Special Tax
Education
GO Local
Lease
GO State
Pre-Refunded
Power
Water & Sewer
Housing
Resource Recovery
Insured
VRDN
<1 Year
1-4.99 Years
5-9.99 Years
10-19.99 Years
20-29.99 Years
>30 Years

Portfolio Breakdown by Stateas of 04/30/2015

State Assets
CA 19.4%
NY 12.6%
TX 7.7%
PA 6.5%
NJ 4.9%
FL 4.5%
IL 4.0%
GA 3.7%
IN 3.6%
OH 3.1%
AZ 2.8%
MA 2.5%
MI 2.3%
Puerto Rico 2.1%
VA 1.8%
LA 1.3%
MD 1.2%
NC 1.1%
KY 1.1%
HI 1.1%
CO 1.1%
NE 1.1%
WA 1.0%
CT 0.9%
AL 0.9%
OK 0.8%
DC 0.8%
ME 0.8%
Other U.S. Territories 0.7%
SC 0.6%
MO 0.6%
DE 0.6%
AR 0.5%
IA 0.5%
NV 0.5%
MN 0.4%
OR 0.4%
TN 0.3%
ND 0.3%
RI 0.2%
SD 0.1%
WV 0.1%

Portfolio Details as of 04/30/2015

Total Net Assets
$1.82 B
Number of Holdings
446
Average Coupon
5.5%
Average Effective Maturity
16.8 Years
Effective Duration
7.70 Years

Credit Quality Distribution as of 04/30/2015

A-1/MIG1
A-2/MIG2
AAA
AA
A
BBB
< BBB
Not Rated

Portfolio Positioning as of 03/31/2015

  • Our primary focus has been to overweight bonds in the 10- to 25-year maturity range relative to the portfolio’s benchmark, the Barclays Municipal Bond Index, due to the steep yield curve and total return potential within that maturity range.
  • The portfolio continues to maintain an overweight to revenue bonds, including special tax-backed and industrial revenue bonds, given the dedicated income stream and favorable return prospects.
  • The portfolio continues to maintain an overweight to lower-rated bonds owing to attractive credit spreads and solid underlying credit quality.
  • The portfolio is overweight in high-tax states due to better liquidity and total return potential.
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